All performance is historical and does not represent future results. The value of an investment in the equity and bond funds will fluctuate up and down. When you sell your shares of these funds, they could be worth more or less than you paid for them.

Performance presented below may include historical performance of other classes. Please see the performance notes at the bottom of the page for more information.

Excluding Maximum Sales Charge

Including Maximum Sales Charge

Institutional

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

65

AADBX

0.60

0.60>

11.98

15.72

13.19

7.70

7.46

7/17/1987

Bridgeway Large Cap Value

3416

BRLVX

1.73

0.84Φ

20.00

25.26

19.71

9.17

8.54

10/31/2003

Emerging Markets

1950

AEMFX

1.51

1.36Ω

-9.07

1.08

-0.15

1.11

11.02

7/31/2000

Flexible Bond

63

AFXIX

1.44

0.92±

-2.08

0.74

-

-

3.57

7/05/2011

High Yield Bond

1409

AYBFX

0.94

0.94>

3.00

7.86

9.34

9.05

7.16

12/29/2000

Holland Large Cap Growth

3431

LHGIX

1.33

0.90Φ

15.83

16.46

17.57

8.44

6.81

3/01/2010

Inv 4/29/96

Intermediate Bond

2066

AABDX

0.34

0.34>

-2.76

-2.08

2.42

5.04

4.85

3/01/2005

International Equity

67

AAIEX

0.73

0.73>

8.92

20.54

10.81

3.34

8.15

8/07/1991

International Equity Index

1952

AIIIX

0.19

0.19>

7.05

18.28

9.26

1.68

7.50

7/31/2000

Large Cap Value

66

AADEX

0.60

0.60>

19.69

25.43

18.55

7.57

8.64

7/17/1987

Mid-Cap Value

2167

AACIX

1.07

0.99Ω

23.18

29.78

21.17

11.72

8.75

11/30/2005

AMR 6/30/04

S&P 500 Index

902

AASPX

0.15

0.15∞

16.03

18.56

18.22

7.25

7.01

12/31/1996

Short-Term Bond

2067

AASBX

0.37

0.37>

0.04

0.55

1.21

2.41

2.98

2/28/2005

SiM High Yield Opportunities

1941

SHOIX

1.06

0.84±

2.79

10.19

-

-

8.49

2/14/2011

Small Cap Index

1951

ASCIX

0.21

0.21>

20.12

26.25

20.45

8.02

8.67

7/31/2000

Small Cap Value

370

AVFIX

0.92

0.92>

20.37

28.75

20.38

9.69

9.80

12/31/1998

Stephens Mid-Cap Growth

3421

SFMIX

1.29

1.00Φ

19.16

21.42

21.42

9.39

9.12

8/31/2006

Stephens Small Cap Growth

3426

STSIX

1.22

1.11Φ

26.87

27.53

25.16

12.07

9.80

8/31/2006

The London Company Income Equity

3860

ABCIX

1.25

0.79±

14.85

15.55

-

-

16.90

5/29/2012

Treasury Inflation Protected Securities

2038

ATPIX

0.37

0.27Φ

-5.47

-4.65

2.95

3.10

4.28

6/30/2004

Zebra Global Equity

1960

AZLIX

1.87

0.82±

12.49

16.75

14.57

-

13.73

6/01/2010

Zebra Small Cap Equity

1961

AZSIX

3.22

1.03±

22.51

29.81

20.30

-

17.24

6/01/2010

Investor

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

98

AABPX

0.93

0.93>

11.81

15.42

12.83

7.36

7.11

8/01/1994

Bridgeway Large Cap Value

3417

BWLIX

2.26

1.22Φ

19.73

24.92

19.50

9.06

8.48

2/03/2012

Instl 10/31/03

Emerging Markets

105

AAEPX

1.85

1.80Ω

-9.29

0.66

-0.56

0.71

10.65

10/01/2002

Flexible Bond

94

AFXPX

1.78

1.29±

-2.40

0.38

-

-

3.34

7/05/2011

High Yield Bond

1902

AHYPX

1.17

1.10Ω

2.85

7.62

9.04

8.75

6.89

3/01/2002

Holland Large Cap Growth

3432

LHGFX

1.45

1.28Φ

15.57

16.06

17.28

8.25

6.72

4/29/1996

Intermediate Bond

2258

ABIPX

0.85

0.80Ω

-2.98

-2.45

1.95

4.61

4.63

3/02/2009

Instl 9/15/97

International Equity

100

AAIPX

1.10

1.10>

8.62

20.19

10.43

2.99

7.83

8/01/1994

Large Cap Value

99

AAGPX

0.97

0.97>

19.38

24.96

18.09

7.20

8.31

8/01/1994

Mid-Cap Value

2246

AMPAX

1.45

1.24Ω

22.99

29.44

21.09

11.55

8.59

2/28/2006

AMR 6/30/04, Instl 11/30/05

Retirement Income and Appreciation

2013

AANPX

1.13

1.13>

0.37

1.74

3.84

5.30

4.80

6/30/2003

S&P 500 Index

904

AAFPX

0.63

0.63∞

15.70

18.01

17.66

6.77

6.52

3/02/1998

Short-Term Bond

101

AALPX

0.89

0.79Ω

-0.34

0.11

0.82

2.03

2.51

8/01/1994

SiM High Yield Opportunities

2238

SHYPX

1.23

1.22±

2.65

9.84

-

-

7.98

2/14/2011

Small Cap Value

748

AVPAX

1.28

1.28>

20.12

28.24

19.93

9.30

9.47

2/28/1999

Small Cap Value II

749

ABBVX

4.88

1.45‡

16.98

25.06

-

-

16.71

11/15/2011

Stephens Mid-Cap Growth

3422

STMGX

1.68

1.38Φ

18.84

21.00

21.00

9.07

6.86

2/01/2006

Stephens Small Cap Growth

3427

STSGX

1.58

1.37Φ

26.66

27.14

24.82

11.79

8.24

12/01/2005

The London Company Income Equity

3861

ABCVX

1.63

1.17±

14.50

15.14

-

-

16.47

5/29/2012

Treasury Inflation Protected Securities

2259

ABTPX

0.77

0.69Φ

-5.69

-5.03

2.54

2.73

4.07

3/02/2009

Instl 6/30/04

Zebra Global Equity

1526

AZLPX

2.28

1.20±

12.16

16.32

14.19

-

13.31

6/01/2010

Zebra Small Cap Equity

1527

AZSPX

3.64

1.41±

22.26

29.30

19.83

-

16.78

6/01/2010

Advisor

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

2162

ABLSX

1.10

1.10>

11.64

15.16

12.63

7.18

6.91

5/31/2005

Inv 8/1/94

International Equity

2035

AAISX

1.32

1.25Ω

8.51

19.97

10.22

2.74

7.57

5/01/2003

Inv 8/1/94

Large Cap Value

2163

AVASX

1.09

1.09>

19.28

24.75

17.95

7.04

8.14

5/31/2005

Inv 8/1/94

Mid-Cap Value

2249

AMCSX

2.00

1.50Ω

22.73

29.19

20.53

11.29

8.41

6/29/2007

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Small Cap Value

2036

AASSX

1.42

1.42>

19.96

28.09

19.76

9.15

9.24

5/01/2003

Inv 2/28/99

Retirement

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

International Equity

2202

ABIRX

6.41

1.48Ω

8.34

19.75

10.08

2.64

7.51

5/01/2009

Adv 5/1/03

Large Cap Value

2201

ALCRX

1.43

1.43>

19.10

24.43

17.60

6.76

8.00

5/01/2009

Inv 8/1/94, Adv 5/31/05

Small Cap Value

2203

ASCVX

1.73

1.73>

19.74

27.69

19.42

8.90

9.12

5/01/2009

Inv 2/28/99, Adv 5/1/03

Y

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

2285

ACBYX

0.71

0.71>

11.94

15.64

13.04

7.61

7.41

3/01/2010

Instl 7/17/87

Bridgeway Large Cap Value

3420

BWLYX

3.75

0.94Φ

19.89

25.15

19.65

9.14

8.52

2/03/2012

Instl 10/31/03

Emerging Markets

2288

ACEYX

1.73

1.46Ω

-9.17

0.96

-0.28

1.00

10.96

3/01/2010

Instl 7/31/00

Flexible Bond

2210

AFXYX

1.51

1.01±

-2.22

0.67

-

-

3.48

7/05/2011

High Yield Bond

2289

ACYYX

1.14

0.99Ω

2.94

7.80

9.02

8.88

7.08

3/01/2010

Instl 12/29/00

Holland Large Cap Growth

3435

LHGYX

10.19

1.00Φ

15.80

16.35

17.50

8.40

6.79

3/23/2012

Inv 4/29/96, Instl 3/1/10

Intermediate Bond

2294

ACTYX

1.00

0.66Ω

-2.96

-2.45

2.22

4.90

4.78

3/01/2010

Instl 9/15/97

International Equity

2291

ABEYX

0.81

0.81>

8.76

20.43

10.70

3.27

8.11

8/03/2009

Instl 8/7/91

Large Cap Value

2290

ABLYX

0.70

0.70>

19.63

25.34

18.45

7.49

8.60

8/03/2009

Instl 7/17/87

Mid-Cap Value

2287

ACMYX

1.29

1.09Ω

23.08

29.75

21.04

11.68

8.73

3/01/2010

AMR 6/30/04, Instl 11/30/05

Retirement Income and Appreciation

2293

ACRYX

0.88

0.81Ω

0.49

1.92

4.13

5.46

4.87

3/01/2010

Inv 6/30/03

Short-Term Bond

2295

ACOYX

0.72

0.64Ω

-0.24

0.55

1.13

2.34

2.95

3/01/2010

Instl 12/3/87

SiM High Yield Opportunities

2299

SHOYX

1.09

0.94±

2.72

10.08

-

-

8.32

2/14/2011

Small Cap Value

2292

ABSYX

1.01

1.01>

20.29

28.57

20.24

9.55

9.73

8/03/2009

Instl 12/31/98

Small Cap Value II

2211

ABBYX

4.52

1.17‡

17.19

25.37

-

-

17.05

11/15/2011

Stephens Mid-Cap Growth

3425

SMFYX

3.86

1.10Φ

19.00

21.50

21.23

9.19

6.94

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3430

SPWYX

2.07

1.21Φ

26.82

27.37

24.97

11.87

8.29

2/24/2012

Inv 12/1/05

The London Company Income Equity

3864

ABCYX

1.35

0.89±

14.78

15.45

-

-

16.81

5/29/2012

Treasury Inflation Protected Securities

2296

ACUYX

0.62

0.61Φ

-5.62

-4.97

2.63

2.86

4.15

3/01/2010

Instl 6/30/04

Zebra Global Equity

2283

AZLYX

1.94

0.92±

12.35

16.61

14.49

-

13.65

6/01/2010

Zebra Small Cap Equity

2284

AZSYX

3.43

1.13±

22.47

29.65

20.21

-

17.12

6/01/2010

A

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

1509

ABFAX

1.14

1.11Ω

11.58

15.16

12.64

7.27

7.07

5/17/2010

Inv 8/1/94

Bridgeway Large Cap Value

3418

BWLAX

2.21

1.34Φ

19.58

24.68

19.39

9.00

8.45

2/03/2012

Instl 10/31/03

Emerging Markets

1515

AEMAX

2.02

1.80Ω

-9.31

0.60

-0.58

0.69

10.63

5/17/2010

Inv 10/1/02

Flexible Bond

1540

AFXAX

1.95

1.41±

-2.43

0.25

-

-

3.10

7/05/2011

High Yield Bond

1516

ABHAX

1.47

1.13Ω

2.84

7.51

9.05

8.78

6.90

5/17/2010

Inv 3/1/02

Holland Large Cap Growth

3433

LHGAX

2.74

1.40Φ

15.44

15.88

17.17

8.19

6.69

2/01/2010

Inv 4/29/96

Intermediate Bond

1519

AITAX

1.13

1.00Ω

-3.20

-2.72

1.75

4.46

4.56

5/17/2010

Instl 9/15/97, Inv 3/2/09

International Equity

1525

AIEAX

1.30

1.26Ω

8.52

19.98

10.26

2.89

7.77

5/17/2010

Inv 8/1/94

Large Cap Value

1510

ALVAX

1.13

1.13>

19.27

24.76

17.91

7.10

8.26

5/17/2010

Inv 8/1/94

Mid-Cap Value

1517

ABMAX

1.62

1.50Ω

22.80

29.16

20.57

11.21

8.41

5/17/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

1521

AAPAX

1.29

1.15Ω

0.35

1.79

3.79

5.29

4.79

5/17/2010

Inv 6/30/03

Short-Term Bond

1520

ANSAX

1.12

0.85Ω

-0.27

0.20

0.73

1.98

2.48

5/17/2010

Inv 8/1/94

SiM High Yield Opportunities

1539

SHOAX

1.53

1.34±

2.55

9.74

-

-

7.94

2/14/2011

Small Cap Value

1513

ABSAX

1.54

1.42Ω

19.98

28.04

19.72

9.17

9.40

5/17/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3423

SMFAX

1.84

1.50Φ

18.77

20.84

20.98

9.05

6.85

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3428

SPWAX

2.10

1.61Φ

26.46

26.85

24.69

11.72

8.20

2/24/2012

Inv 12/1/05

The London Company Income Equity

3862

ABCAX

1.75

1.29±

14.40

14.88

-

-

16.26

5/29/2012

Treasury Inflation Protected Securities

1518

ATSAX

1.07

1.00Φ

-5.95

-5.37

2.21

2.49

3.94

5/17/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

1523

AZLAX

2.43

1.32±

12.05

16.16

14.05

-

13.18

6/01/2010

Zebra Small Cap Equity

1524

AZSAX

3.75

1.53±

22.11

29.07

19.74

-

16.66

6/01/2010

Select

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Money Market Select Fund

1201

ASRXX

0.13

0.13>

0.08

0.14

0.16

0.33

1.89

12/31/1999

U.S. Government Money Market

1901

AAOXX

0.15

0.15>

0.02

0.06

0.07

0.21

1.77

12/01/2001

C

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

3740

ABCCX

1.86

1.86>

11.06

14.30

11.78

6.75

6.81

9/01/2010

Inv 8/1/94

Bridgeway Large Cap Value

3419

BWLCX

6.81

2.09Φ

18.98

24.01

19.00

8.78

8.34

2/03/2012

Instl 10/31/03

Emerging Markets

3745

AEMCX

3.75

2.55Ω

-9.74

-0.09

-1.32

0.25

10.39

9/01/2010

Inv 10/1/02

Flexible Bond

3765

AFXCX

2.76

2.16±

-2.89

-0.42

-

-

2.68

7/05/2011

High Yield Bond

3746

AHBCX

2.17

1.88Ω

2.33

6.83

8.20

8.25

6.64

9/01/2010

Inv 3/1/02

Holland Large Cap Growth

3434

LHGCX

6.18

2.15Φ

14.88

15.00

16.75

7.96

6.57

3/23/2012

Inv 4/29/96, A 2/1/10

Intermediate Bond

3749

AIBCX

1.88

1.75Ω

-3.59

-3.36

1.00

4.02

4.34

9/01/2010

Instl 9/15/97, Inv 3/2/09

International Equity

3742

AILCX

2.13

2.00Ω

7.99

19.13

9.38

2.40

7.52

9/01/2010

Inv 8/1/94

Large Cap Value

3741

ALVCX

1.89

1.89>

18.71

23.83

17.02

6.61

8.01

9/01/2010

Inv 8/1/94

Mid-Cap Value

3747

AMCCX

2.47

2.25Ω

22.15

28.24

19.60

10.73

8.16

9/01/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

3751

ABACX

2.05

1.97Ω

-0.19

0.89

2.96

4.77

4.53

9/01/2010

Inv 6/30/03

Short-Term Bond

3750

ATBCX

1.90

1.60Ω

-0.76

-0.54

0.03

1.55

2.27

9/01/2010

Inv 8/1/94

SiM High Yield Opportunities

3764

SHOCX

2.26

2.09±

1.94

8.81

-

-

7.19

2/14/2011

Small Cap Value

3743

ASVCX

2.31

2.17Ω

19.34

27.11

18.75

8.65

9.14

9/01/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3424

SMFCX

14.55

2.25Φ

18.05

20.12

20.56

8.83

6.70

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3429

SPWCX

6.17

2.36Φ

25.82

25.92

24.23

11.48

8.05

2/24/2012

Inv 12/1/05

The London Company Income Equity

3863

ABECX

2.50

2.04±

13.87

14.05

-

-

15.42

5/29/2012

Treasury Inflation Protected Securities

3748

ATSCX

1.79

1.78Φ

-6.41

-6.08

1.40

2.04

3.69

9/01/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

3753

AZLCX

3.21

2.07±

11.60

15.33

13.21

-

12.42

9/01/2010

Inv 6/1/10

Zebra Small Cap Equity

3754

AZSCX

4.52

2.28±

21.49

28.11

18.79

-

15.84

9/01/2010

Inv 6/1/10

*Not Annualized. **Redemption fee (2%, 90-day holding period).

Performance shown is historical and is not indicative of future returns. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please call 800-967-9009 or visit americanbeaconfunds.com.

Important Information: All investing involves risk, including possible loss of principal. Please note that the recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future.

Maximum Sales Charge is the maximum front-end sales charge (load) imposed on purchases (as a % offering price). Maximum deferred sales charges: A Class – 0.50%. A contingent deferred sales charge (“CDSC”) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.

Class C shares may be subject to a contingent deferred sales charge of up to 1% on certain redemptions made within 12 months of purchase. Performance presented at NAV, which does not include these sales charges, would be lower if these charges were reflected.

Maximum Sales Charge is 2.50% for the following Funds: Crescent Short Duration High Income, Retirement Income and Appreciation and Short-Term Bond Funds.

An investment in the American Beacon Money Market Select and American Beacon U.S. Government Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS:

‡American Beacon Advisors has contractually agreed to waive and/or reimburse the Y and Investor Classes of the Fund for other expenses through February 28, 2014.±The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2013.∞The fees and expenses shown in the table include both the expenses of the Fund and the Fund's share of the allocated expenses of the Portfolio of State Street Master Funds.ΩThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 28, 2014.ΦThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 30, 2014.

RISKS ASSOCIATED WITH THE FUNDS:Acadian Emerging Markets Managed Volatility Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in lower volatility securities may produce more modest gains than other stock funds as a trade-off for the potentially lower downside risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

AHL Managed Futures Strategy Fund Risk: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. The use of quantitative models may lead to high levels of trading and concentration among certain investments, resulting in higher trading costs and return volatility. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Bahl & Gaynor Small Cap Growth Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Balanced Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Bridgeway Large Cap Value Fund Risk: Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. While the Fund is managed pursuant to a tax management strategy, the Fund’s investments could create capital gains. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Crescent Short Duration High Income Fund Risk: The Fund’s investments in high yield securities, including loans, restricted securities and floating rate securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Earnest Partners Emerging Markets Equity Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Emerging Markets Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Flexible Bond Fund Risk: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Although the Fund has a flexible approach to investing, diversification does not ensure against loss. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Global Evolution Frontier Markets Income Fund Risk: Investing in foreign, emerging and frontier market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks. The use of fixed-income securities entails interest rate and credit risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

High Yield Bond Fund Risk: Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Holland Large Cap Growth Fund Risk: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Intermediate Bond Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

International Equity Fund Risk: Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

International Equity Index Fund Risk: Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Large Cap Value Fund Risk: Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Mid-Cap Value Fund Risk: Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Money Market Select Fund Risk: An investment in the American Beacon Money Market Select Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Retirement Income and Appreciation Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

S&P 500 Index Fund Risk: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

SGA Global Growth Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Short-Term Bond Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

SiM High Yield Opportunities Fund Risk: Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks.Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Small Cap Index Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Small Cap Value Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Stephens Mid-Cap Growth Fund Risk: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Stephens Small Cap Growth Fund Risk: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

The London Company Income Equity Fund Risk: Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in dividend-paying stocks may result in less earnings growth or capital appreciation than investing in non-dividend paying stocks. The use of fixed-income securities entails interest rate and credit risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Treasury Inflation Protected Securities Fund Risk: U.S. Treasury securities are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. They are also subject to credit and interest rate risks. In a period of sustained deflation, inflation-indexed securities may not pay any income and may suffer a loss. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

U.S. Government Money Market Select Fund Risk: An investment in the American Beacon U.S. Government Money Market Select Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Zebra Global Equity Fund Risk: Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. At times, certain securities may have limited marketability and may be difficult to sell.Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Zebra Small Cap Equity Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. At times, certain securities may have limited marketability and may be difficult to sell. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Please see the prospectus for a complete discussion of the Funds’ risks. There can be no assurances that the investment objectives of the Fund(s) will be met.

Performance associated with the INSTITUTIONAL Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, SiM High Yield Opportunities, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived from 2008 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2008 through 2013. A portion of fees charged to the Emerging Markets Fund has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the High Yield Bond Fund has been waived since 2013. Performance prior to waiving fees was lower than actual returns shown since 2013. A portion of fees charged to the Holland Large Cap Growth Fund was waived from 2010 through 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Mid-Cap Value Fund was waived from 2007 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2007 through 2013. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2006. Performance prior to waiving fees was lower than actual returns shown since 2006. A portion of fees charged to the Stephens Small Cap Growth Fund was waived from 2006 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2006 through 2013. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014. A portion of fees charged to the Treasury Inflation Protected Securities Fund has been waived since 2005. Performance prior to waiving fees was lower than actual returns shown since 2005.

Performance associated with the INVESTOR Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, Treasury Inflation Protected Securities, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and fully recovered in 2013. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to the Emerging Markets Fund has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the High Yield Bond Fund has been waived since 2013. Performance prior to waiving fees was lower than actual returns shown since 2013. A portion of fees charged to the Holland Large Cap Growth Fund was waived from 2002 through 2012 and fully recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2002 through 2012. A portion of fees charged to the Intermediate Bond Fund has been waived since 2009. Performance prior to waiving fees was lower than actual returns shown since 2009. A portion of fees charged to the Mid-Cap Value Fund was waived from 2006 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2006 through 2013. A portion of fees charged to the Short-Term Bond Fund has been waived since 2005. Performance prior to waiving fees was lower than actual returns shown since 2005. A portion of fees charged to the SiM High Yield Opportunities Fund was waived in 2011 and 2012 and fully recovered in 2013. Performance prior to waiving fees was lower than actual returns shown for 2011 and 2012. A portion of fees charged to the Stephens Mid-Cap Growth Fund was waived from 2006 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2006 through 2013. A portion of fees charged to the Stephens Small Cap Growth Fund was waived from 2005 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2005 through 2013. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014.

Performance associated with the ADVISOR Class Funds: A portion of fees charged to the Balanced Fund was waived in 2005. Performance prior to waiving fees was lower than actual returns shown for 2005. A portion of fees charged to the International Equity Fund was waived from 2006 through 2007 and in 2009. Performance prior to waiving fees was lower than actual returns shown for these periods. A portion of fees charged to the Large Cap Value Fund was waived in 2005 and 2009. Performance prior to waiving fees was lower than actual returns shown for these periods. A portion of fees charged to the Mid-Cap Value Fund was waived from 2007 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2007 through 2013. A portion of fees charged to the Small Cap Value Fund was waived in 2009. Performance prior to waiving fees was lower than actual returns shown for 2009.

Performance associated with the RETIREMENT Class Funds: A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012.

Performance associated with the Y Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived in 2011, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2011. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and fully recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to the High Yield Bond Fund was waived from 2011 through 2013 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2013. A portion of fees charged to the Holland Large Cap Growth Fund was waived in 2012, partially recovered in 2013 and waived in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2014. A portion of fees charged to the Emerging Markets, Intermediate Bond and Short Term Bond Funds has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2013. A portion of fees charged to the Retirement Income and Appreciation and Treasury Inflation Protected Securities Funds has been waived since 2011. Performance prior to waiving fees was lower than actual returns shown since 2011. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2012 and partially recovered in 2014. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014.

Performance associated with the A Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived in 2011 and 2012 and recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2011 and 2012. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to the Emerging Markets, High Yield Bond, Holland Large Cap Growth, Intermediate Bond, Retirement Income and Appreciation and Short-Term Bond Funds has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and partially recovered in 2013. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2012 and fully recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Small Cap Value Fund was waived in 2010 and since 2012. Performance prior to waiving fees was lower than actual returns shown for these periods. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2012. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014. A portion of fees charged to the Treasury Inflation Protected Securities Fund has been waived since 2011. Performance prior to waiving fees was lower than actual returns shown since 2011.

Performance associated with the C Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived from 2010 through 2012, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to the Emerging Markets, High Yield Bond, Intermediate Bond, Retirement Income and Appreciation and Short-Term Bond Funds has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the Holland Large Cap Growth and Stephens Mid-Cap Growth Funds has been waived since 2012. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and partially recovered in 2013. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Large Cap Value Fund was waived from 2010 through 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2013. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Small Cap Value Fund was waived in 2010 and since 2012. Performance prior to waiving fees was lower than actual returns shown for these periods. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014. A portion of fees charged to the Treasury Inflation Protected Securities Fund has been waived since 2011. Performance prior to waiving fees was lower than actual returns shown since 2011.

Performance for classes with an Inception Date within 10 Years / Since Inception: For any Class of a Fund that began operating within the ten-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

S&P is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use. “Standard and Poor’s®,” “S&P®,” “Standard & Poor’s 500,” “S&P 500®” and “500” are all trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by State Street Bank and Trust Company. The S&P 500 Index Fund is not sponsored, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in this Fund.

A

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

1509

ABFAX

1.14

1.11Ω

5.14

8.57

10.44

6.00

6.43

5/17/2010

Inv 8/1/94

Bridgeway Large Cap Value

3418

BWLAX

2.21

1.34Φ

12.72

17.51

17.06

7.72

7.80

2/03/2012

Instl 10/31/03

Emerging Markets

1515

AEMAX

2.02

1.80Ω

-14.49

-5.20

-2.53

-0.50

9.98

5/17/2010

Inv 10/1/02

Flexible Bond

1540

AFXAX

1.95

1.41±

-7.03

-4.48

-

-

0.80

7/05/2011

High Yield Bond

1516

ABHAX

1.47

1.13Ω

-2.06

2.39

7.31

7.73

6.38

5/17/2010

Inv 3/1/02

Holland Large Cap Growth

3433

LHGAX

2.74

1.40Φ

8.79

9.21

14.87

6.91

6.05

2/01/2010

Inv 4/29/96

Intermediate Bond

1519

AITAX

1.13

1.00Ω

-7.78

-7.35

0.12

3.46

4.05

5/17/2010

Instl 9/15/97, Inv 3/2/09

International Equity

1525

AIEAX

1.30

1.26Ω

2.28

13.06

8.12

1.68

7.14

5/17/2010

Inv 8/1/94

Large Cap Value

1510

ALVAX

1.13

1.13>

12.41

17.58

15.60

5.84

7.62

5/17/2010

Inv 8/1/94

Mid-Cap Value

1517

ABMAX

1.62

1.50Ω

15.79

21.75

18.20

9.89

7.71

5/17/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

1521

AAPAX

1.29

1.15Ω

-2.61

-1.21

2.12

4.27

4.28

5/17/2010

Inv 6/30/03

Short-Term Bond

1520

ANSAX

1.12

0.85Ω

-2.71

-2.25

-0.13

1.48

2.22

5/17/2010

Inv 8/1/94

SiM High Yield Opportunities

1539

SHOAX

1.53

1.34±

-2.37

4.57

-

-

5.89

2/14/2011

Small Cap Value

1513

ABSAX

1.54

1.42Ω

13.07

20.70

17.37

7.89

8.76

5/17/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3423

SMFAX

1.84

1.50Φ

11.97

13.92

18.61

7.78

6.02

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3428

SPWAX

2.10

1.61Φ

19.15

19.51

22.25

10.40

7.38

2/24/2012

Inv 12/1/05

The London Company Income Equity

3862

ABCAX

1.75

1.29±

7.83

8.27

-

-

10.92

5/29/2012

Treasury Inflation Protected Securities

1518

ATSAX

1.07

1.00Φ

-10.45

-9.84

0.57

1.50

3.39

5/17/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

1523

AZLAX

2.43

1.32±

5.64

9.50

11.84

-

11.14

6/01/2010

Zebra Small Cap Equity

1524

AZSAX

3.75

1.53±

15.06

21.65

17.39

-

14.56

6/01/2010

C

Fund Name

FundNumber

Ticker

GrossExpenseRatio

NetExpenseRatio

YTD*

1 YR

3 YR

5 YR

10 YR / SinceInception

InceptionDate

Previous ClassInceptionDate

Balanced

3740

ABCCX

1.86

1.86>

10.06

13.30

11.78

6.75

6.81

9/01/2010

Inv 8/1/94

Bridgeway Large Cap Value

3419

BWLCX

6.81

2.09Φ

17.98

23.01

19.00

8.78

8.34

2/03/2012

Instl 10/31/03

Emerging Markets

3745

AEMCX

3.75

2.55Ω

-10.74

-1.09

-1.32

0.25

10.39

9/01/2010

Inv 10/1/02

Flexible Bond

3765

AFXCX

2.76

2.16±

-3.89

-1.42

-

-

2.68

7/05/2011

High Yield Bond

3746

AHBCX

2.17

1.88Ω

1.33

5.83

8.20

8.25

6.64

9/01/2010

Inv 3/1/02

Holland Large Cap Growth

3434

LHGCX

6.18

2.15Φ

13.88

14.00

16.75

7.96

6.57

3/23/2012

Inv 4/29/96, A 2/1/10

Intermediate Bond

3749

AIBCX

1.88

1.75Ω

-4.59

-4.36

1.00

4.02

4.34

9/01/2010

Instl 9/15/97, Inv 3/2/09

International Equity

3742

AILCX

2.13

2.00Ω

6.99

18.13

9.38

2.40

7.52

9/01/2010

Inv 8/1/94

Large Cap Value

3741

ALVCX

1.89

1.89>

17.71

22.83

17.02

6.61

8.01

9/01/2010

Inv 8/1/94

Mid-Cap Value

3747

AMCCX

2.47

2.25Ω

21.15

27.24

19.60

10.73

8.16

9/01/2010

AMR 6/30/04, Instl 11/30/05, Inv 2/28/06

Retirement Income and Appreciation

3751

ABACX

2.05

1.97Ω

-1.19

-0.11

2.96

4.77

4.53

9/01/2010

Inv 6/30/03

Short-Term Bond

3750

ATBCX

1.90

1.60Ω

-1.76

-1.54

0.03

1.55

2.27

9/01/2010

Inv 8/1/94

SiM High Yield Opportunities

3764

SHOCX

2.26

2.09±

0.94

7.81

-

-

7.19

2/14/2011

Small Cap Value

3743

ASVCX

2.31

2.17Ω

18.34

26.11

18.75

8.65

9.14

9/01/2010

Inv 2/28/99

Stephens Mid-Cap Growth

3424

SMFCX

14.55

2.25Φ

17.05

19.12

20.56

8.83

6.70

2/24/2012

Inv 2/1/06

Stephens Small Cap Growth

3429

SPWCX

6.17

2.36Φ

24.82

24.92

24.23

11.48

8.05

2/24/2012

Inv 12/1/05

The London Company Income Equity

3863

ABECX

2.50

2.04±

12.87

13.05

-

-

15.42

5/29/2012

Treasury Inflation Protected Securities

3748

ATSCX

1.79

1.78Φ

-7.41

-7.08

1.40

2.04

3.69

9/01/2010

Instl 6/30/04, Inv 3/2/09

Zebra Global Equity

3753

AZLCX

3.21

2.07±

10.60

14.33

13.21

-

12.42

9/01/2010

Inv 6/1/10

Zebra Small Cap Equity

3754

AZSCX

4.52

2.28±

20.49

27.11

18.79

-

15.84

9/01/2010

Inv 6/1/10

*Not Annualized. **Redemption fee (2%, 90-day holding period).

Performance shown is historical and is not indicative of future returns. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please call 800-967-9009 or visit americanbeaconfunds.com.

Important Information: All investing involves risk, including possible loss of principal. Please note that the recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future.

Maximum Sales Charge is the maximum front-end sales charge (load) imposed on purchases (as a % offering price). Maximum deferred sales charges: A Class – 0.50%. A contingent deferred sales charge (“CDSC”) of 0.50% will be charged on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.

Class C shares may be subject to a contingent deferred sales charge of up to 1% on certain redemptions made within 12 months of purchase. Performance presented at NAV, which does not include these sales charges, would be lower if these charges were reflected.

Maximum Sales Charge is 2.50% for the following Funds: Crescent Short Duration High Income, Retirement Income and Appreciation and Short-Term Bond Funds.

EXPENSE RATIOS ASSOCIATED WITH THE FUNDS:

‡American Beacon Advisors has contractually agreed to waive and/or reimburse the Y and Investor Classes of the Fund for other expenses through February 28, 2014.±The Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2013.∞The fees and expenses shown in the table include both the expenses of the Fund and the Fund's share of the allocated expenses of the Portfolio of State Street Master Funds.ΩThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 28, 2014.ΦThe Net Expense Ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through April 30, 2014.

RISKS ASSOCIATED WITH THE FUNDS:Acadian Emerging Markets Managed Volatility Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in lower volatility securities may produce more modest gains than other stock funds as a trade-off for the potentially lower downside risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

AHL Managed Futures Strategy Fund Risk: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. The use of quantitative models may lead to high levels of trading and concentration among certain investments, resulting in higher trading costs and return volatility. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Bahl & Gaynor Small Cap Growth Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Balanced Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Bridgeway Large Cap Value Fund Risk: Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. While the Fund is managed pursuant to a tax management strategy, the Fund’s investments could create capital gains. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Crescent Short Duration High Income Fund Risk: The Fund’s investments in high yield securities, including loans, restricted securities and floating rate securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Earnest Partners Emerging Markets Equity Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Emerging Markets Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Flexible Bond Fund Risk: Investing in derivative instruments involves liquidity, credit, interest rate and market risks. Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Although the Fund has a flexible approach to investing, diversification does not ensure against loss. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Global Evolution Frontier Markets Income Fund Risk: Investing in foreign, emerging and frontier market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks. The use of fixed-income securities entails interest rate and credit risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

High Yield Bond Fund Risk: Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Holland Large Cap Growth Fund Risk: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Intermediate Bond Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

International Equity Fund Risk: Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Large Cap Value Fund Risk: Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Mid-Cap Value Fund Risk: Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Retirement Income and Appreciation Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

SGA Global Growth Fund Risk: Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Short-Term Bond Fund Risk: The use of fixed-income securities entails interest rate and credit risks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

SiM High Yield Opportunities Fund Risk: Investments in high yield securities are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. Investing in foreign and emerging market securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in derivative instruments involves liquidity, credit, interest rate and market risks.Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Small Cap Value Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Stephens Mid-Cap Growth Fund Risk: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Stephens Small Cap Growth Fund Risk: Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

The London Company Income Equity Fund Risk: Investing in small- and medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. Investing in dividend-paying stocks may result in less earnings growth or capital appreciation than investing in non-dividend paying stocks. The use of fixed-income securities entails interest rate and credit risks. Because the Fund may invest in fewer issuers than a more diversified portfolio, the fluctuating value of a single holding may have a greater effect on the value of the Fund. The use of futures contracts for cash management may subject the Fund to losing more money than invested. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Treasury Inflation Protected Securities Fund Risk: U.S. Treasury securities are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. They are also subject to credit and interest rate risks. In a period of sustained deflation, inflation-indexed securities may not pay any income and may suffer a loss. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Zebra Global Equity Fund Risk: Investing in medium-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. At times, certain securities may have limited marketability and may be difficult to sell.Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Zebra Small Cap Equity Fund Risk: Investing in small-capitalization stocks may involve greater volatility and lower liquidity than larger company stocks. Investing in foreign securities may involve heightened risk due to currency fluctuations and economic and political risks. At times, certain securities may have limited marketability and may be difficult to sell. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund may participate in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

Please see the prospectus for a complete discussion of the Funds’ risks. There can be no assurances that the investment objectives of the Fund(s) will be met.

Performance associated with the A Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived in 2011 and 2012 and recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2011 and 2012. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to the Emerging Markets, High Yield Bond, Holland Large Cap Growth, Intermediate Bond, Retirement Income and Appreciation and Short-Term Bond Funds has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and partially recovered in 2013. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2012 and fully recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Small Cap Value Fund was waived in 2010 and since 2012. Performance prior to waiving fees was lower than actual returns shown for these periods. A portion of fees charged to the Stephens Mid-Cap Growth Fund has been waived since 2012. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of fees charged to The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014. A portion of fees charged to the Treasury Inflation Protected Securities Fund has been waived since 2011. Performance prior to waiving fees was lower than actual returns shown since 2011.

Performance associated with the C Class Funds: A portion of fees charged to the Acadian Emerging Markets Managed Volatility, AHL Managed Futures Strategy, Bahl & Gaynor Small Cap Growth, Crescent Short Duration High Income, Earnest Partners Emerging Markets Equity, Flexible Bond, Global Evolution Frontier Markets Income, SGA Global Growth, Zebra Global Equity and Zebra Small Cap Equity Funds has been waived since inception. Performance prior to waiving fees was lower than actual returns shown. A portion of fees charged to the Balanced Fund was waived from 2010 through 2012, partially recovered in 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Bridgeway Large Cap Value Fund was waived in 2012 and 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown for 2012 and 2013. A portion of fees charged to the Emerging Markets, High Yield Bond, Intermediate Bond, Retirement Income and Appreciation and Short-Term Bond Funds has been waived since 2010. Performance prior to waiving fees was lower than actual returns shown since 2010. A portion of fees charged to the Holland Large Cap Growth and Stephens Mid-Cap Growth Funds has been waived since 2012. Performance prior to waiving fees was lower than actual returns shown since 2012. A portion of fees charged to the International Equity Fund was waived from 2010 through 2012 and partially recovered in 2013. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Large Cap Value Fund was waived from 2010 through 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2012. A portion of fees charged to the Mid-Cap Value Fund was waived from 2010 through 2013 and fully recovered in 2014. Performance prior to waiving fees was lower than actual returns shown from 2010 through 2013. A portion of fees charged to the SiM High Yield Opportunities Fund was waived from 2011 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2011 through 2014. A portion of fees charged to the Small Cap Value Fund was waived in 2010 and since 2012. Performance prior to waiving fees was lower than actual returns shown for these periods. A portion of fees charged to the Stephens Small Cap Growth Fund was waived in 2012 and partially recovered in 2013 and 2014. Performance prior to waiving fees was lower than actual returns shown for 2012. A portion of The London Company Income Equity Fund was waived from 2012 through 2014 and partially recovered in 2015. Performance prior to waiving fees was lower than actual returns shown from 2012 through 2014. A portion of fees charged to the Treasury Inflation Protected Securities Fund has been waived since 2011. Performance prior to waiving fees was lower than actual returns shown since 2011.

Performance for classes with an Inception Date within 10 Years / Since Inception: For any Class of a Fund that began operating within the ten-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

S&P is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use. “Standard and Poor’s®,” “S&P®,” “Standard & Poor’s 500,” “S&P 500®” and “500” are all trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by State Street Bank and Trust Company. The S&P 500 Index Fund is not sponsored, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in this Fund.